Eicher Motors, the parent company of Royal Enfield, has reported a significant surge in its net profit for the fourth quarter of the financial year 2023-24. The company’s net profit increased by 18.20 percent to Rs 1,070 crore, compared to the previous year. Additionally, the revenue of the company for the same quarter also saw a notable increase of 11.87 percent to Rs 4,256 crores.
In a filing to the exchange, Eicher Motors highlighted its financial performance for the entire fiscal year 2023-24 as the best ever, with record revenues of Rs 16,536 crores and the highest profit after tax at Rs 4,001 crores, marking a 37.31 percent increase compared to the previous year. The Board of Directors of the company has declared a final dividend of Rs 51 per share for the fiscal year 2023-24, amounting to a payout of Rs 1,396.41 crores.
Royal Enfield, a subsidiary of Eicher Motors, also experienced a 6.17 percent increase in motorcycle sales during the fourth quarter of FY24, selling 227,925 units. For the full financial year ending March 31, 2024, the total sales stood at 9,12,732 units, representing a 9 percent increase from the previous fiscal year’s standalone sales of 834,895 units.
On Friday’s trading session, the share of Eicher Motors gained more than 2 percent to Rs 4670. The company’s CEO, B. Govindarajan, expressed optimism about the company’s performance and highlighted the expansion into new markets like Turkey and the EU.